Cathie Wood Takes Profit on High-Potential Roku Stock as Market Optimism Soars

(Bloomberg) — Cathie Wood’s flagship fund recently made its first sale of Roku Inc., which had become its largest holding since August.

With Bloomberg’s data compiled by Ark Investment Management LLC, Wood’s Ark Innovation ETF sold 171,268 shares of the streaming-video platform company on Monday. This marks the fund’s first sale of Roku stock since August 10, while they had made multiple purchases of Roku shares in October.

The decision to sell came after Roku’s stock experienced an impressive 42% surge over two sessions at the end of the previous week, following the company’s announcement of better-than-expected third-quarter results and a positive outlook. As a result, Roku surpassed Coinbase Global Inc and Tesla Inc. to become the top holding of Ark Innovation ETF. However, on Monday, the company’s shares experienced a 1.7% decrease.

According to Bloomberg’s data, Ark is the second-largest shareholder of Roku, owning 8.35% of its outstanding shares as of September.

Wood’s flagship fund has seen a 27% increase in value this year, compared to a 39% gain for the Nasdaq 100 Index and a 14% advance for the S&P 500 Index. Meanwhile, the Ark Innovation ETF suffered a 67% slump in value last year.

Source: Bloomberg Businessweek

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